Bob Diamond's Fall Marks The Death Of A Dream For Big Banks

Bob Diamond

Photo: Dan Kitwood/Getty Images

By the time the call came, Bob Diamond knew his tenure as CEO of Barclays was at an end. It was 9:30 p.m. on Monday, July 2, and Diamond had just gotten home from the office when the bank’s outgoing chairman, Marcus Agius, and lead director, Sir Michael Rake, phoned to say they were on their way to Diamond’s townhouse in the tony London neighbourhood of Belgravia. They didn’t say what the visit was about, and they didn’t need to. Diamond knew that they’d just been in a meeting with Sir Mervyn King, governor of the Bank of England, and that they would tell him he had to resign after just 18 months on the job. In fact, he’d already made that decision for himself. He planned to tell the Barclays board the following morning.Read the rest at Fortune >

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